EFNL vs. TLT
EFNL (iShares MSCI Finland ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - EFNL is a Europe Equities fund tracking the MSCI Finland IMI 25/50 Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, EFNL returned 8.71%/yr vs -2.38%/yr for TLT. Their -0.13 correlation means they have often moved in opposite directions in the past. EFNL charges 0.53%/yr vs 0.15%/yr for TLT.
Performance
EFNL vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, EFNL achieves a 9.24% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, EFNL has outperformed TLT with an annualized return of 8.71%, while TLT has yielded a comparatively lower -2.38% annualized return.
EFNL
- 1D
- -0.09%
- 1M
- -0.57%
- 6M
- 6.20%
- YTD
- 9.24%
- 1Y
- 30.08%
- 3Y*
- 18.45%
- 5Y*
- 3.99%
- 10Y*
- 8.71%
- ALL TIME*
- 8.58%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $520.43K | $2.79M | $3.90M | |
| $2.33B | $2.02B | $2.19B |
EFNL vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFNL iShares MSCI Finland ETF | 9.24% | 53.59% | -5.28% | -0.12% | -17.29% | 10.50% | 20.19% | 13.64% | -6.86% | 23.77% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between EFNL and TLT is 0.31, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.31 |
Correlation (3Y) Balances recent behavior with more history. | 0.22 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.13 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.04 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2012 | -0.13 |
The correlation between EFNL and TLT shifts across timeframes, from -0.13 (all time) to 0.31 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EFNL vs. TLT — Risk / Return Rank
EFNL
TLT
EFNL vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Finland ETF (EFNL) and iShares 20+ Year Treasury Bond ETF (TLT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| EFNL | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.71 | ||
| Sortino ratioReturn per unit of downside risk | +2.24 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 0.99 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 2.52 | -0.14 | +2.66 |
| Martin ratioReturn relative to average drawdown | 7.34 | -0.30 | +7.64 |
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Drawdowns
EFNL vs. TLT - Drawdown Comparison
The maximum EFNL drawdown since its inception was -38.70%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for EFNL and TLT.
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Drawdown Indicators
| EFNL | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.70% | -48.35% | +9.65% |
Max Drawdown (1Y)Largest decline over 1 year | -12.17% | -7.74% | -4.43% |
Max Drawdown (3Y)Largest decline over 3 years | -15.78% | -14.79% | -0.99% |
Max Drawdown (5Y)Largest decline over 5 years | -38.70% | -43.70% | +5.00% |
Max Drawdown (10Y)Largest decline over 10 years | -38.70% | -48.35% | +9.65% |
Current DrawdownCurrent decline from peak | -10.24% | -42.36% | +32.12% |
Average DrawdownAverage peak-to-trough decline | -10.90% | -13.99% | +3.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.17% | 3.57% | +0.60% |
Volatility
EFNL vs. TLT - Volatility Comparison
iShares MSCI Finland ETF (EFNL) has a higher volatility of 5.85% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.46%. This indicates that EFNL's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFNL | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.85% | 2.46% | +3.39% |
Volatility (6M)Calculated over the trailing 6-month period | 16.37% | 6.85% | +9.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.28% | 9.32% | +9.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.00% | 15.74% | +4.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.90% | 14.83% | +5.07% |
EFNL vs. TLT - Expense Ratio Comparison
EFNL has a 0.53% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
EFNL vs. TLT - Dividend Comparison
EFNL's dividend yield for the trailing twelve months is around 1.04%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EFNL iShares MSCI Finland ETF | 1.04% | 3.40% | 5.05% | 4.31% | 5.94% | 2.29% | 2.94% | 5.70% | 3.83% | 3.30% | 2.40% | 1.57% |
TLT iShares 20+ Year Treasury Bond ETF | 4.34% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
EFNL and TLT have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EFNL has higher volatility (5.85%) compared to TLT (2.46%). In terms of maximum drawdown, EFNL dropped -38.70% vs TLT's -48.35%.
On 10-year performance, EFNL leads with 8.71% vs -2.38% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EFNL has performed better with a 8.71% return vs -2.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.53% for EFNL.
TLT has the higher dividend yield at 4.34%, compared with 1.04% for EFNL.
EFNL is categorized as Europe Equities, while TLT is Government Bonds. EFNL tracks MSCI Finland IMI 25/50 Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.53% for EFNL and 0.15% for TLT.
EFNL currently has the higher Sharpe Ratio (1.59 vs -0.11), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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